Karma Gen lets you spend more than BP Gen, so yeah, your GM would have to aprove (depends a lot on the char you are making, but most of the time you get a character worth 500 to 550 BP).
Yeah, this guy is 400. If I made him 500 then I wouldn't have any problems with BP.
He's probly for the play-by-post section of the forums, so making him standard, since I don't know what game or GM he will be involved with, is probably a good idea.
Might be writing some short fiction about him too.
(I don't have people to play with where I live.)